Nextracker (NASDAQ:NXT) Stock Price Expected to Rise, Susquehanna Analyst Says

Nextracker (NASDAQ:NXT) had its price objective increased by investment analysts at Susquehanna from $50.00 to $54.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “positive” rating on the stock. Susquehanna’s price target points to a potential upside of 6.66% from the stock’s previous close.

A number of other analysts have also recently commented on NXT. Bank of America cut their target price on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Robert W. Baird reduced their target price on Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Piper Sandler lifted their price target on Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday. Truist Financial reissued a “buy” rating and issued a $56.00 price objective (up from $54.00) on shares of Nextracker in a research note on Wednesday. Finally, UBS Group lifted their target price on shares of Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Nextracker currently has an average rating of “Moderate Buy” and an average target price of $56.50.

Nextracker Stock Performance

NASDAQ NXT opened at $50.63 on Wednesday. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. Nextracker has a twelve month low of $30.93 and a twelve month high of $62.31. The stock has a 50-day moving average of $39.20 and a 200 day moving average of $39.00. The stock has a market capitalization of $7.37 billion, a price-to-earnings ratio of 12.63 and a beta of 2.04.

Nextracker (NASDAQ:NXT) last announced its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a return on equity of 559.17% and a net margin of 17.26%. Sell-side analysts anticipate that Nextracker will post 2.7 EPS for the current fiscal year.

Insider Buying and Selling at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the transaction, the president now directly owns 209,365 shares in the company, valued at $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Nextracker

Several hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC increased its stake in Nextracker by 23.3% during the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after purchasing an additional 679,272 shares during the period. Secure Asset Management LLC acquired a new position in shares of Nextracker in the third quarter valued at approximately $1,370,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in Nextracker by 33.5% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company’s stock worth $45,983,000 after buying an additional 307,956 shares during the period. Van ECK Associates Corp lifted its holdings in Nextracker by 30.7% during the 3rd quarter. Van ECK Associates Corp now owns 60,613 shares of the company’s stock worth $2,272,000 after buying an additional 14,249 shares in the last quarter. Finally, Nordea Investment Management AB purchased a new position in Nextracker in the 4th quarter valued at approximately $5,734,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Company Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and distributed generation solar projects in the United States and internationally. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.